Canadian Company Buys Retail Part Of Mary Brickell Village

By Sherri C. Ranta
A Canadian shopping-center developer is the new owner of the retail component of Mary Brickell Village, a mixed-used project under construction near Miami’s financial district.

Ivanhoe Cambridge, based in Montreal, bought the 192,000-square-foot retail part of the project from Constructa Group and its partners April 20 for an undisclosed amount, said Christopher Suarez, Constructa’s marketing manager.

Speculating about the deal, real estate consultant Michael Cannon of Integra Realty Resources South Florida said the possible price per square foot of $380, based on a possible $75 million purchase price, could reflect prices paid for retail at Lincoln Road Mall in Miami Beach.

"And that would reflect a new level of price per square foot for retail in downtown Miami," he said.

The sale, Mr. Suarez said, means Constructa and partners Brasilinvest and Emerson Fittipaldi will no longer have any ownership in the South Miami Avenue project.

Developers early last year sold the residential portion of the project for more than $100 million to Chicago real estate developer Evangeline Gouletas. The price, officials said at the time, included the cost of construction. The project, a 369-unit condo tower, is scheduled for completion in 2007.

Constructa US will remain as developer until the project is completed and manage the retail space, Mr. Suarez said. Phased openings of retail spaces are expected to begin this summer, and a grand opening is scheduled for the fall.

The retail portion of Mary Brickell Village, Mr. Suarez said, still will be anchored by Publix and Bally’s Total Fitness. The center will feature numerous restaurants and retail outlets. The retail center is about 80% leased, he said.

Mary Brickell Village will be the fourth US shopping mall acquired by Ivanhoe Cambridge, said Helene Brault, a company spokeswoman. The company also owns Oaks Mall in Gainesville, Eastridge Mall in San Jose, CA., and Westroads Mall in Omaha.

Cambridge’s portfolio includes more than 38 million square feet of retail space and includes 43 regional and super-regional shopping centers in Canada, the US and Europe.

Plans for Mary Brickell Village surfaced in the late 1990s and have sustained swings in the local and national economy. The project’s original developer began preparations for the project by buying contiguous parcels before the fast and furious pace of Miami’s residential boom.

In a prepared statement, Constructa US President Jacques Barbera said

the sale of the project is "further proof of the City of Miami’s market vitality and robust future."